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Metals Prices Trend Higher


While the lift from the GameStop incident came and went with silver prices exploding and then imploding, we still expect 2021 to see silver prices to settle into an uptrend. It should be noted that the massive run-up in silver prices on Monday was accompanied by a single day massive inflow of 34.6 million ounces into Silver ETF’s.


While the palladium market held up impressively to the broad-based liquidation wave seen in the rest of the precious metal markets yesterday, we suspect that was at least partially the result of unwinding of long platinum short palladium spread trades. While the platinum market saw only a minimal inflow to ETF holdings yesterday of 649 ounces, and the year-to-date expansion of the holdings is only 1.1%, the platinum market yesterday largely sidestepped the massive liquidation seen in gold and silver prices.


Like other metals and industrial commodities, copper is facing suspect demand conditions with the copper charts also favoring the bear camp. However, the copper market continues to respect the $3.50 level increasing the credibility of that support pricing.


Futures and options trading involve significant risk of loss and may not be suitable for everyone.  Therefore, carefully consider whether such trading is suitable for you in light of your financial condition.  The information and comments contained herein is provided by ADMIS and in no way should be construed to be information provided by ADM.  The author of this report did not have a financial interest in any of the contracts discussed in this report at the time the report was prepared.  The information provided is designed to assist in your analysis and evaluation of the futures and options markets.  However, any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to ADMIS. Copyright ADM Investor Services, Inc.

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